Quarterly report [Sections 13 or 15(d)]

Income taxes

v3.25.1
Income taxes
3 Months Ended
May 03, 2025
Income Taxes  
Income taxes

10.Income taxes

Income tax expense reflects the federal statutory tax rate and the weighted average state statutory tax rate for the states in which the Company operates stores. Income tax expense of $99,644 for the 13 weeks ended May 3, 2025 represents an effective tax rate of 24.6%, compared to $94,735 of income tax expense representing an effective tax rate of 23.2% for the 13 weeks ended May 4, 2024. The higher effective tax rate is primarily due to a reduced benefit from income tax accounting for stock-based compensation.